September 2016 Executive TaxBriefs

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A. Tax Legislation

1. Accounting Firm 2016 Budget Commentaries

For information on 2016 Federal, Provincial and Territorial budgets please see the following sites: PricewaterhouseCoopers Deloitte BDO

2. Law Firm 2016 Federal Budget Commentaries

2016 Federal Budget Commentaries by Law Firms: Aird & BerlisStikeman Elliot – GST/HST Blake Cassels & Graydon

3. Status of Tax Treaty Negotiations

For the Status of International Tax Treaty Negotiations on the Department of Finance website, scroll down past the yearly Notices to see the: In Force; Signed but Not Yet In Force and Und...

4. Department of Finance - Summary of Outstanding Draft Legislation 2016

The Department of Finance Website lists pending, draft tax legislation.  This is where you can find links to the various Notices of Ways and Means Motions and draft technical legislative ...

5. Personal and Corporate Tax Rates

CRA - Individual Tax Rates, Corporate Tax Rates PwC - Combined Tax Rates BDO - Tax Facts 2016 Deloitte - Personal and Corporate Tax Rates Archiv...

B. CRA's Interpretations

6. Eligibility Requirements for Campgrounds in Order to Claim the Small Business Deduction

Clearly people involved with the operation of Mini storage businesses and campgrounds are not feeling the love.  In the 2015 Budget the government indicated that it would consider if there was...

7. CRA Guides and Releases

For more information check the specific guide or go to our link below for new releases. Numerous forms were updated this month, some of which are linked here.  The full list of newly rele...

8. GST/HST/PST

Executive TaxBriefs is dedicated to providing the most current monthly updates on income tax matters affecting Owner-managers.  However, in this news item we also provide links to resources re...

9. CRA Prescribed Interest Rates and Bank of Canada Exchange Rates

Except for the interest rate for corporate taxpayers’ pertinent loans or indebtedness, prescribed interest rates have not changed since the last quarter.  Interest rates for the thi...

10. Technical Interpretations, Folios, Interpretation Bulletins and Audit Manual Note

TECHNICAL INTERPRETATIONS: ("TIs") are not published on CRA’s website although inquiries regarding such items may be made directly to the Rulings Directorate by e-mail to itrulingsdirect...

11. Delay in Final Distribution from Spousal Trust

TI2015-0601141E5 - 2016/04/20 - Financial Industries and Trusts Division of the Rulings Directorate Setting up a spousal trust in a will is one way for a taxpayer to avoid gains on the deemed disp...

12. Does Reversionary Trust with Non-Income Producing Property File a T3?

TI2016-0645811C6 - Question 13 June 10, 2016 STEP CRA Roundtable  This TI deals with the issue as to whether “a reversionary trust that holds non-income producing property required...

13. CRA Provides an Update on Recent Trust and Estate Issues

TI2016-0641511C6 - Question 15 June 10, 2016 STEP CRA Roundtable In this TI, CRA provided a short overview of recently published views on trust and estate issues. Form T1135 Foreign Income Verifi...

14. Trust Installment Requirements and Interest

TI2016-0641461C6 - Question 6 June 10, 2016 STEP CRA Roundtable This TI deals with the issue of trust instalment requirements under ss.156(1) and s.156.1(2).  The question was wheth...

15. GRE Status When Estate Receives Property

TI2016-0634891C6 - Question 3, June 10, 2016 STEP CRA Roundtable At the June 2016 STEP CRA Roundtable, CRA addressed whether an estate would be a “graduated rate estate” (GRE) if the e...

16. GRE and Multiple Wills

TI2016-0634881C6 - Question 2, June 10, 2016 STEP CRA Roundtable Multiple wills are often utilized where a taxpayer has assets in multiple jurisdictions or has valuable assets that can pass to ben...

17. Tainting a Spousal Trust

TI2016-0645821C6 - Question 11, June 10, 2016 STEP CRA Roundtable At the June 10, 2016 STEP CRA Roundtable, CRA was asked to comment on paragraph 8 of IT-3054, which states as follows: “Onc...

18. GREs and Testamentary Trusts

TI2016-0634871C6 - Question 1, June 10, 2016 STEP CRA Roundtable At the June 10, 2016 STEP CRA Roundtable, CRA addressed questions relating to a situation where a deceased taxpayer’s will pr...

C. Tax Court Cases

19. Sale of Frozen QSBC Shares and the CGE - Poulin

Poulin (2016 TCC 154) is a decision of the TCC dealing with a situation in which the taxpayers disposed of frozen shares they held in Les Constructions de l’Amiante Inc. ("Amiante") as a...

20. Spousal Management Fees not Warranted

Bell (2016 TCC 175) is a decision of the TCC involving a husband-wife team that owned and managed a construction firm doing work in the general Vancouver area with the husband managing the bus...

D. Practitioners' Forum

21. CRA Knew about Foreign Money in Canadian Real Estate

In a recent article in the South China Post, Ian Young reported on leaked information suggesting that “Canada tax chiefs knew foreign money’s big role in Vancouver housing market 20 yea...

22. The Scary New World of Specified Corporate Income

The 2016 federal budget tabled on March 22, 2016 introduced a new concept called “specified corporate income” (SCI). If the new concept is implemented as proposed, it will curtail ...

23. Income Allocated by a Family Trust to Beneficiaries

Perry Truster in a recent article in the CTF publication “Tax for the Owner-Manager” provides a caution relating to whether an amount is payable as required by s.104(6)(b) which provide...

24. Move to the UK and Earn Tax-Free Investment Income

Jamie Herman recently wrote in the CTF publication “Canadian Tax Focus” regarding the ability to earn tax-free investment income in the UK. As the author points out, the norm for person...

25. Pre-2017 ECP Crystallizations for CCPCs

One last reminder of a soon to pass planning opportunity is provided by Jin Wen in her recent CTF article in the “Canadian Tax Focus” newsletter.  The opportunity arises as a resul...

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